The repo rate is 5.25%, 125 bps lower than before the RBI began cutting it in Feb 2025. After inflation it is 0.43% (Aug 2026). Banks' rate on new loans has fallen 72 bps over the same stretch. Overnight money trades 16 bps below the repo rate, so the banking system has spare cash.
Written for anyone with a loan, a deposit or a bond fund, and investors who want the policy backdrop in one place. Data to 5 Oct 2026.
Below its usual range of 5.90% to 7.50%. The low is 4.00%, in May 2020. Down from 5.50% a year ago.
What it is. The rate at which the RBI lends overnight to banks, set by the Monetary Policy Committee.
How to read it. Every other rupee interest rate takes its cue from this one, with a lag. Read it next to inflation: the same repo rate is tight when inflation is low and loose when it is high.
Inside its usual range of −1.43% to 2.62%. The low is −11.47%, in January 2010. Down from 3.43% a year ago.
What it is. The RBI's policy rate minus consumer inflation.
How to read it. Positive means policy is tight after inflation; negative means money is cheap in real terms.
The Monetary Policy Committee sets the repo rate, the rate at which the RBI lends overnight to banks. It has met 61 times since Oct 2016: 13 cuts, 8 hikes and 40 holds, 37 of them unanimous. The cash reserve ratio, the share of deposits banks must keep with the RBI, is a second lever. The repo rate's low was 4.00%, held from May 2020 to Apr 2022.
Weekly, from 1990.
How to read it. The CRR is cash banks must hold at the RBI; the SLR is the share of deposits banks must keep in government securities and similar assets. They were 15% and 38% in 1990, and are 3.0% and 18.0% now. A lower CRR frees cash for banks to lend.
Loading chart…
| Decided | Decision | Change | Repo after | Vote | Stance | Voted against | More |
|---|---|---|---|---|---|---|---|
| 5 Aug 2026 | Hold | 0 | 5.25% | 6–0 | Neutral | – | |
| 5 Jun 2026 | Hold | 0 | 5.25% | 6–0 | Neutral | – | |
| 8 Apr 2026 | Hold | 0 | 5.25% | 6–0 | Neutral | – | |
| 6 Feb 2026 | Hold | 0 | 5.25% | 6–0 | Neutral | – | |
| 5 Dec 2025 | Cut | −25 | 5.25% | 6–0 | Neutral | – | |
| 1 Oct 2025 | Hold | 0 | 5.50% | 6–0 | Neutral | – | |
| 6 Aug 2025 | Hold | 0 | 5.50% | 6–0 | Neutral | – | |
| 6 Jun 2025 | Cut | −50 | 5.50% | 5–1 | Neutral | Saugata Bhattacharya | |
| 9 Apr 2025 | Cut | −25 | 6.00% | 6–0 | Accommodative | – | |
| 7 Feb 2025 | Cut | −25 | 6.25% | 6–0 | Neutral | – | |
| 6 Dec 2024 | Hold | 0 | 6.50% | 4–2 | Neutral | Nagesh Kumar; Ram Singh | |
| 9 Oct 2024 | Hold | 0 | 6.50% | 5–1 | Neutral | Nagesh Kumar | |
| 8 Aug 2024 | Hold | 0 | 6.50% | 4–2 | Withdrawal of accommodation | Ashima Goyal; Jayanth R. Varma | |
| 7 Jun 2024 | Hold | 0 | 6.50% | 4–2 | Withdrawal of accommodation | Ashima Goyal; Jayanth R. Varma | |
| 5 Apr 2024 | Hold | 0 | 6.50% | 5–1 | Withdrawal of accommodation | Jayanth R. Varma | |
| 8 Feb 2024 | Hold | 0 | 6.50% | 5–1 | Withdrawal of accommodation | Jayanth R. Varma | |
| 8 Dec 2023 | Hold | 0 | 6.50% | 6–0 | Withdrawal of accommodation | – | |
| 6 Oct 2023 | Hold | 0 | 6.50% | 6–0 | Withdrawal of accommodation | – |
The repo rate is a target. Whether overnight money actually trades there depends on how much cash banks have, and the RBI adds or drains cash through its auctions. The gap between the call rate (banks' overnight borrowing from each other) and the repo rate is the quickest read on that.
Weekly, from May 2011, when the MSF set the ceiling of the rate corridor. Before that the gap swung far wider, as high as 4,682 bps in Mar 2007.
How to read it. Below zero, banks have more cash than they need and overnight money trades under the repo rate. Above zero, cash is short. The call rate normally stays between the floor of the corridor (the SDF) and its ceiling (the MSF).
Loading chart…
Weighted average call rate on each trading day.
How to read it. The call rate is 5.09% on 5 Oct 2026, inside the corridor of 5.00% (SDF) to 5.50% (MSF).
Loading chart…
Daily, to 1 Oct 2026; RBI's table lags its press releases.
How to read it. Above zero, the RBI lent cash to banks in repo auctions; below zero, it took cash back in reverse repo auctions. The standing facilities are left out, so this is not the RBI's whole injection.
Loading chart…
A repo cut matters only when banks pass it on. New loans and deposits reprice first; loans and deposits already on the books follow slowly, as they come up for reset. Loans linked to an external benchmark move faster than those priced off MCLR.
| Rate | Then | Now | Change | Latest | More |
|---|---|---|---|---|---|
| Repo rate | 6.50% | 5.25% | −125 bps | Sept 2026 | |
| Lending rate, new loans | 9.33% | 8.61% | −72 bps | Aug 2026 | |
| Lending rate, all loans | 9.87% | 8.96% | −91 bps | Aug 2026 | |
| Term deposit rate, new deposits | 6.62% | 5.67% | −95 bps | Aug 2026 | |
| Term deposit rate, all deposits | 7.09% | 6.56% | −53 bps | Aug 2026 | |
| One-year MCLR, median bank | 9.00% | 8.61% | −39 bps | Sept 2026 |
Weighted average lending rate on fresh rupee loans, monthly, from 2014.
How to read it. Watch the gap. Since the cuts began the repo rate has moved 125 bps and the rate on new loans 72 bps.
Loading chart…
Weighted average domestic term deposit rate on fresh deposits, monthly, from 2020.
How to read it. Deposit rates follow the repo rate too: down 95 bps on new deposits since the cuts began, more than the rate on new loans.
Loading chart…
Broad money (M3) is growing 16.6% a year (15 Sept 2026), against 9.5% a year earlier. Bank credit shows where the money is going: to Mar 2026, lending to industry grew 15.0%, to services 19.0% and to individuals 16.2%.
Fortnightly, from 2002. Merger-inclusive from July 2023 (HDFC with HDFC Bank).
How to read it. M3 grows as banks lend and take deposits. The middle reading since 2002 is 12.5%; the high was 24.5% in Feb 2008 and the low 5.6% in Sept 2017.
Loading chart…
Monthly, from 2020. RBI's merger-adjusted series.
How to read it. Lending to individuals grew faster than lending to industry in every one of the 67 months shown. The gap between the lines shows which way bank credit is leaning.
Loading chart…
| Sector | Outstanding | Growth |
|---|---|---|
| Agriculture | 26.4 | 15.6% |
| Industry | 45.8 | 15.0% |
| of which micro, small and medium | 10.6 | 32.7% |
| of which large | 30.8 | 9.1% |
| of which infrastructure | 14.9 | 9.2% |
| Services | 60.6 | 19.0% |
| of which NBFCs | 20.7 | 26.6% |
| of which trade | 13.8 | 16.2% |
| of which commercial real estate | 6.3 | 19.8% |
| Personal loans | 69.4 | 16.2% |
| of which housing | 33.6 | 11.5% |
| of which vehicle loans | 7.4 | 18.6% |
| of which credit cards | 2.9 | 3.5% |
| of which gold loans | 4.6 | 123.7% |
| of which education loans | 1.6 | 13.4% |
| of which other personal loans | 17.3 | 12.8% |
The centre borrows short term through treasury bills and long term through dated securities, the states through state development loans (SDLs). All are sold at RBI auctions, and the cut-off is the highest yield the RBI accepts. These are the RBI's own auction results; market yields between auctions are not shown.
Every weekly auction from April 2019.
How to read it. Bills track the repo rate closely. At the latest auction (30 Sept 2026) the 91-day bill cleared at 5.52% and the 364-day at 6.18%, against a repo rate of 5.25%. The gap between the two is what lenders ask for tying money up for a year instead of three months.
Loading chart…
| Auction | Security | Years | Offered, ₹ crore | Bid cover | Cut-off yield | Devolved, ₹ crore | More |
|---|---|---|---|---|---|---|---|
| 1 Oct 2026 | 7.63% GS 2056 | 30 | 9,000 | 2.38× | 7.69% | 0 | |
| 1 Oct 2026 | 7.50% GOI SGrB 2056 | 30 | 3,000 | 1.99× | 7.65% | 0 | |
| 1 Oct 2026 | 6.57% GS 2033 | 7 | 12,000 | 2.48× | 7.17% | 0 | |
| 1 Oct 2026 | 6.20% GS 2029 | 3 | 9,000 | 2.29× | 6.77% | 0 | |
| 25 Sept 2026 | 6.94% GS 2036 | 10 | 34,000 | 2.47× | 7.15% | 0 | |
| 18 Sept 2026 | 7.43% GS 2076 | 50 | 11,000 | 2.56× | 7.69% | 0 | |
| 18 Sept 2026 | 7.06% GS 2041 | 15 | 17,000 | 2.15× | 7.23% | 0 | |
| 11 Sept 2026 | 6.57% GS 2033 | 7 | 11,000 | 2.40× | 6.87% | 0 | |
| 11 Sept 2026 | 6.20% GS 2029 | 3 | 11,000 | 2.11× | 6.40% | 0 | |
| 11 Sept 2026 | New GS 2056 | 30 | 10,000 | 2.86× | 7.63% | 0 | |
| 4 Sept 2026 | New GS 2031 | 5 | 21,000 | 2.38× | 6.53% | 0 | |
| 4 Sept 2026 | 7.71% GS 2066 | 40 | 11,000 | 3.18× | 7.66% | 0 |
Each week's SDL auctions, cut-off weighted by the amount sold, from April 2019.
How to read it. States paid 7.93% on average in the auctions of 29 Sept 2026. Read it with the chart beside it: a week of long-dated issues clears higher than a week of short ones.
Loading chart…
Average years to maturity of the SDLs sold each week.
How to read it. The latest week averaged 18.6 years. Over the last year the states sold paper of 14.9 years on average, against 7.0 in their first year in this record; longer paper usually clears at a higher yield.
Loading chart…
| State or UT | FY27 raised, ₹ crore | FY27 cut-off | FY26 raised, ₹ crore | FY26 cut-off | More |
|---|---|---|---|---|---|
| Maharashtra | 60,850 | 7.65% | 1,37,080 | 7.19% | |
| Andhra Pradesh | 48,800 | 7.77% | 82,272 | 7.26% | |
| Telangana | 46,400 | 7.78% | 86,840 | 7.39% | |
| Rajasthan | 40,700 | 7.77% | 78,030 | 7.23% | |
| Tamil Nadu | 40,500 | 7.68% | 1,69,231 | 7.20% | |
| Madhya Pradesh | 37,400 | 7.72% | 87,527 | 7.43% | |
| Uttar Pradesh | 33,500 | 7.72% | 67,755 | 7.42% | |
| Kerala | 27,600 | 7.75% | 49,788 | 7.40% | |
| West Bengal | 26,800 | 7.71% | 86,992 | 7.61% | |
| Bihar | 25,675 | 7.76% | 51,910 | 7.43% | |
| Punjab | 23,934 | 7.73% | 44,348 | 7.30% | |
| Gujarat | 22,500 | 7.57% | 52,130 | 7.04% | |
| Chhattisgarh | 10,890 | 7.70% | 25,470 | 7.27% | |
| Assam | 9,622 | 7.71% | 20,513 | 7.35% | |
| Odisha | 9,000 | 7.52% | 11,000 | 7.16% | |
| Haryana | 8,500 | 7.84% | 52,500 | 7.35% | |
| Jammu and Kashmir | 6,100 | 7.75% | 14,687 | 7.42% | |
| Himachal Pradesh | 4,200 | 7.74% | 9,864 | 7.24% | |
| Delhi | 3,700 | 7.59% | 1,000 | 7.45% | |
| Uttarakhand | 3,479 | 7.66% | 15,209 | 7.42% | |
| Jharkhand | 2,100 | 7.51% | 6,000 | 7.45% | |
| Meghalaya | 1,859 | 7.68% | 2,887 | 7.28% | |
| Manipur | 1,380 | 7.73% | 2,000 | 7.28% | |
| Sikkim | 1,000 | 7.73% | 2,650 | 7.44% | |
| Arunachal Pradesh | 600 | 7.94% | 765 | 7.59% | |
| Mizoram | 500 | 7.78% | 1,150 | 7.43% | |
| Goa | 350 | 7.79% | 1,500 | 7.25% | |
| Karnataka | – | – | 1,06,401 | 7.40% | |
| Tripura | – | – | 5,130 | 7.67% | |
| Nagaland | – | – | 2,600 | 7.20% | |
| Puducherry | – | – | 1,200 | 7.36% |
The RBI holds US$765.9 billion in foreign exchange reserves (18 Sept 2026), enough for 11.2 months of imports. It buys dollars when money flows in and sells them when it flows out, to slow the rupee's moves. Over the twelve months to Jul 2026 it was a net seller of US$42.9 billion.
Weekly, from 2001. Foreign currency, gold, SDRs and the IMF reserve position.
How to read it. Reserves rise when the RBI buys dollars and when what it holds gains in dollar terms, gold included. A fall is not always intervention: a stronger dollar shrinks the other currencies it holds.
Loading chart…
Net spot purchases each month, from 2015. Published about two months late.
How to read it. Above zero, the RBI bought dollars, resisting a rising rupee; below zero, it sold dollars to support it. It also deals in forwards: its net forward position is short US$136.8 billion (Jul 2026), dollars it will deliver later.
Loading chart…
Quarterly, summed over four quarters, to Sept 2025. RBI's balance-of-payments table lags.
How to read it. Below zero, India buys more goods and services from the world than it sells, net of remittances and income, and needs capital inflows to pay for it. Over the four quarters to Sept 2025 the deficit was US$12.8 billion.
Loading chart…
Trade-weighted, monthly, from 2004.
How to read it. The nominal index has gone from 138 in Apr 2004 to 78. The real index, which allows for India's higher inflation, has gone from 91 to 92 (Jul 2026), down 8.3% in a year. Above 100, the rupee is dearer in real terms than in 2015-16.
Loading chart…
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.